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Nepal to insist on exchange of demonetized notes; when two leaders meet

demonetized notes are said to be to the tune of Rs. 950 crore and is mostly held by individuals and informal sectors

Nepal Prime Minister KP Sharma Oli is also insisting that India exchanges millions of dollars held in Nepal in demonetized Indian bank notes.

The issue is most likely to be raised as he comes on a visit this week to improve ties between the two nations.

It need be mentioned that Nepal and India have yet to agree on how to exchange old Indian bank notes.

The demonetized notes are said to be to the tune of Rs. 950 crore and is mostly held by individuals and informal sectors.

The demonetization had come about when on November 8 of year 2016, Prime Minister Narendra Modi made the shocking announcement of banning 500 and 1,000 rupee notes.

The Indian demonetization has hurt Nepali nationals as well and the issue will be raised in meetings with Indian leaders, said PM Oli as he addressed Parliament.

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